Valentine's Day miracle? Mission District poised to be SF's most desired neighborhood

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This home on Lapidge St., a Mission-Dolores remodeled 5 bed, 4 bath, listed at $2,550,000 in early January in and sold for $2,800,000 a mere eight days later. More dramatic still? Sales records show the property sold in 2011 for just $700,000. Indeed, the Mission District is making national news as an up-and-coming neighborhood that’s actually arrived– at least according to record breaking home selling prices in the 94110 zip code. As CurbedSF reports, “It’s a bit of a Cinderella story: What was once a lowly stepchild, cowering in the shadow of real estate giants Noe and Castro, has emerged…and suitors are lining up.” In January, online brokerage Redfin predicted the Mission would be among Bay Area locations to witness the steepest home price increases in 2013, largely due to new interest in the area spurred by SF’s blowing up tech industry. The Mission offers easy access to both Silicon Valley and local firms like Twitter, Yelp, and Zynga, a plethora of new businesses aimed at tech execs, as well as some of the city’s better weather. In the past, it also offered its share of grit: lower home prices reflected the blue collar nature of most residents, as well as higher crime rates than other parts of San Francisco. But now, though grit still exists, glitz too has arrived to the neighborhood.

Record Selling Price

Screenshot of Mission's most expensive single-family home

3450 21st St. is another Mission home: This one sold for a record $9,999,000 in November of last year. If you think almost $10 million dollars seems like a lot to shell out for a Mission District home, you’re right: “The price could be a record for the increasingly trendy neighborhood, based on a search of the San Francisco Multiple Listing Service’s records for the last 30 years” says the Wall Street Journal. Those same records show the last sale in 1997 at $1.2 million.

29 Dorland, below, is another example, a Mission fixer billed as a contractor’s special, which listed for $700K in October of last year and sold for almost double that–$1,350,000—a few weeks later.

Valentine's Day miracle? Mission District poised to be SF's most desired neighborhood

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Those photos above are just a few some examples of sold properties in the 94110 with heady price tags. Aside from the expense, the rapid nature of the transactions prove the Mission is officially hot, hot, hot. We’d like to join Uptown Almanac in asking if Mission District streets won’t be the new “billionaire’s row,” at least for the newly rich tech set.